According to the official website of the Hong Kong Stock Exchange, as of2month22days, within the year28Enterprises submitted their prospectuses to the Hong Kong Stock Exchange. Among them,1Months exist14home,2The same goes for the month to date14home. In addition, as of2month22Today, the number of listing applications under processing at the Hong Kong Stock Exchange is68clan Looking at the locations of listed companies on the platform, all are from the Chinese mainland. Is this related to the acceleration of overseas listing filings?AStage of sharesIPO listingIs it related to factors such as tightening and the expectation of the Federal Reserve cutting interest rates? The Hong Kong Stock Exchange is increasingly becoming a haven for mainland unicorn enterprises.2024Hong Kong stocks for the yearIPO listingWhat new trends will the market exhibit?
Frost & SullivanFrost & SullivanLu Jing, Partner and Managing Director of Greater China at Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan'), was interviewed by Securities Daily, focusing on the development of the Hong Kong stock market. .
Securities Daily
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Q: Since the beginning of this year, mainland companies have accelerated their pace of filing with the Hong Kong stock exchange. Some believe this may be due to the acceleration of overseas listing filingsAStage of sharesIPO listingWeakening, expectations of the Fed's interest rate cuts, etc. What do you think?
The phenomenon of mainland enterprises accelerating their listing in Hong Kong is mainly due to the acceleration of overseas listing filings, changes in the global and Chinese market environment, and this yearAshareIPO listingThe phased tightening is related to factors such as the official implementation of the 'Interim Measures for the Administration of Overseas Issuance and Listing of Securities by Domestic Enterprises' and its five regulatory application guidelines. With the implementation of these measures, the approval speed for overseas listing filings of enterprises going public in Hong Kong has significantly increased, and the filing cycle for Chinese companies' overseas listings has been greatly shortened.
Secondly, the gradual increase in expectations for the Federal Reserve's interest rate cuts has prompted more global funds to flow into Hong Kong stocks, further accelerating the Hong Kong marketIPO listingProcesses. At the same time, the improvement in the national economic fundamentals has increased the likelihood of mainland enterprises successfully listing in Hong Kong and enhanced investors' confidence in the profitability and growth prospects of enterprises.
In addition,2023Since the second half of the year, the China Securities Regulatory Commission (CSRC) has issued circulars and guidelines, focusing on phased tighteningIPO listingThe arrangement continues to slow downAshareIPO listingThe number has led more enterprises, especially those in the biotech industry that are not profitable or are still in the R&D phase without generating revenue, to consider going public overseas.
Affected by this series of factors, the number of mainland enterprises submitting their listing applications to the Hong Kong stock market has increased significantly this year, which will help promote the recovery of the Hong Kong stock market and demonstrate its greater development potential.
Q: The Hong Kong Stock Exchange is increasingly becoming a haven for mainland unicorn enterprises. Against this backdrop, what do you think2024Hong Kong stocks for the yearIPO listingWhat new trends will the market exhibit?
Affected by various factors such as the reopening of the economy due to pandemic policies, the expectation of the Federal Reserve's interest rate cuts, and the recovery of the domestic economy, the Hong Kong stock market has continuously attracted mainland enterprises. Mainland enterprises in Hong KongIPO listingThe market share continues to rise. This helps to strengthen the overall scale and quality of Hong Kong's capital market, enhance market liquidity, increase the overall weight of Hong Kong stocks in international indices, and further consolidate Hong Kong stocks.IPO listingMarket competitiveness and attractiveness.
Against this backdrop, the Hong Kong Stock Exchange will actively cooperate with mainland exchanges and relevant regulatory authorities to expedite the approval process for enterprises listing in Hong Kong, promote more high-quality mainland enterprises to list there, and facilitate the interconnection of capital markets between the two places. Among them, potential or emerging unicorn companies in new-generation information technology, biotechnology, new energy, etc., show high growth potential, which will attract more investor interest and inject new vitality into the Hong Kong capital market.
* This interview was published in Securities Daily Reporters: Su Shiyu, Mao Yirong. Original title: within the year28Domestic enterprises submit applications for listing on the Hong Kong stock marketIPO listingMost in the high-tech field
